Burress' four-year tenure with the Giants was highlighted by a game-winning touchdown catch in the Super Bowl against the previously undefeated New England Patriots in February 2008, but it was also dogged by fines and suspensions.
Burress' status has been uncertain since he shot himself in the thigh on Nov. 29 with an unlicensed gun he'd stuffed into his waistband. He faces a felony weapons charge that could put him in prison for at least 31/2 years if he is convicted.
Burress' case was adjourned Tuesday while his attorneys and prosecutors worked on a possible plea agreement. He is due back in court June 15.
The 31-year-old Burress, who was suspended by the Giants for the final four weeks of the season for conduct detrimental to the team and fined after the shooting, also faces possible NFL sanctions for violating its personal conduct policy.
"I am an optimist, and I believe most situations can be worked out," general manager Jerry Reese said in announcing the decision. "We hung in there as long as we could in hopes that there could be a resolution to this situation other than the decision we made today to release Plaxico."
REDSKINS: Having failed to land Jay Cutler from the Denver Broncos, Washington worked to mend fences with quarterback Jason Campbell .
"We met with Jason today and had a candid discussion," executive vice president of football operations Vinny Cerrato said in a statement. "We told Jason that when Jay Cutler became available, we, like many other NFL teams, spoke with the Broncos. We are all on the same page and we are moving forward."
Cerrato's statement was the team's first acknowledgment that it had tried to acquire Cutler, who instead was traded to Chicago.
DOLPHINS: General manager Jeff Ireland said Miami is looking at whether to pursue defensive end Jason Taylor , who was cut by the Washington Redskins on March 2 after one disappointing season for refusing to commit to the off-season workout program.
It's unclear whether the Bill Parcells regime is enthusiastic about reuniting with Taylor.
Taylor made the Pro Bowl six times in 11 seasons with the Dolphins, but Parcells traded him to Washington a year ago for two draft picks.